The Securities and Exchange Commission announced that it obtained an asset freeze and filed fraud charges against a Dallas, Texas investment professional for engaging in an alleged deceptive trading scheme in which he stole hundreds of thousands of dollars from a family fund whose money he was employed to manage and entrusted to trade.

According to the SEC's complaint, which was filed under seal in the United States District Court for the Northern District of Texas on August 26, 2021 and unsealed on August 26, 2021, since at least January 2019, defendant Guillaume David Boccara used his access to the family fund's account to make hundreds of illegal trades between the family fund and himself. Boccara's allegedly illegal trades included buying options from the family fund and then selling the same options back at higher prices, buying options from the family fund and then selling those options on the open market for a profit, and selling worthless options to the family fund and pocketing the profit. According to the complaint, between January 2019 and June 2021, Boccara profited by over $500,000 from his illegal trades.

The SEC's complaint charges Boccara with violating the antifraud provisions of Sections 17(a)(1) and (3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rules 10b-5(a) and (c) thereunder, and seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties. On August 26, 2021, the court granted the SEC's request for an asset freeze.

The SEC's investigation was conducted by Jay A. Scoggins, Matthew O. Koop, Mandy B. Sturmfelz, and Danielle R. Voorhees of the Market Abuse Unit and was supervised by Market Abuse Unit Chief, Joseph G. Sansone. The SEC's litigation will be led by Terry R. Miller, Kenneth E. Stalzer, and Matthew Gulde under the supervision of Gregory A. Kasper. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.